Insurance policies to choose from and what's worth it | Marvin Germo
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Insurance policies to choose from and what’s worth it

By: Marvin Germo | April 18, 2021

If you are going to get your insurance soon, then you should know first what are your options. What are the policies you can choose from? What’s the best choice for you? Should you go for an investment-link policy? A pure insurance plan? A health plan?

There are a lot of insurance policies to choose from—VUL, lifetime insurance plan, term insurance plan, and those plans that focus on your health. I will share with you some insights about those so you can better decide if you are getting one for yourself or for your loved one.

What is VUL? Is it better?

VUL is an investment-linked insurance policy. It’s a policy where you can get both insurance and investment. So, how does it work? Usually, you will be interviewed and assisted by a financial advisor when you get a VUL. You will be oriented about the amount of premium you will pay every month. Your premium is then divided into two: 25% of it will go to your insurance and 75% will go to your investments. I’m not sure how other insurance companies work on VUL but so far, this is how Sunlife works.

If you’re asking if it’s better than other policies, my answer is that it would depend. You have to know your goals before you can assess if this option is better. Do you want to invest and withdraw your savings after years? If yes, then VUL is the best alternative as it offers two assets—investment and insurance.

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Lifetime insurance plan

Another policy to consider is the life insurance plan. This is pure insurance. You won’t be getting investments if you avail of this. What’s great about this is that your benefit at the end of the insurance plan is bigger. It could mean that the assets you are going to leave to your family are much better. It’s also a lifetime, so, after paying for around 10 years, you won’t have to do anything anymore. As long as you are alive, you can get hold of your insurance. You can benefit from it your whole life if you can pay the premiums completely.

Again, it’s going to be a better choice depending on your goals. Do you want a life insurance policy alone without investments or other riders,? If yes, then this is a good choice that can suit your goal.

Health insurance

You also have the choice to get a health insurance policy to get your benefits while you are still living. What’s great about this policy is that it can support you when you get hospitalized or during the time when you need to improve your health by exercising, getting monthly checkups, and so on. if you want a plan to support your health, then this type of insurance is going to be worth it. You can prioritize your health more with this insurance. Although your family can still get financial assistance from this, your health is the top priority.

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